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Courts Asia loses bid to acquire Courts Mauritius
SINGAPORE-LISTED Courts Asia has lost its bid for Courts Mauritius despite being informed earlier by the Special Administrators (SAs) that it was the preferred bidder and that "no other bidder was being considered".
In an announcement to Singapore Exchange on Tuesday, the furniture and electronics retailer said it found out about the status of its bid through an "unannounced media conference" held on Aug 5 by Mauritius' Minister of Financial Services and Corporate Governance, which was not attended by the SAs.
Courts Asia said it will be "pursuing resolution of the case" and that it has yet to receive any formal communication on the outcome of the bid from the SA or any government body.
"Needless to say, we are disappointed to have lost this bid and along with it, the opportunity for the Mauritius Courts business to return to the Courts group of companies," said Courts Asia group chief executive Terry O'Connor.
"Our strategic plan around the Mauritius business was around the most positive outcome for its employees and the supplier community, and thus to the benefit of all stakeholders," he added.
The sale of Courts Mauritius was publicly advertised on May 13 this year when the SA issued the rules for the bidding procedures and evaluating the bids.